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October 19, 2012
News for property casualty insurers

  Top Story 
  • Bank-centric capital rules would hurt insurers, senators say
    A group of senators wrote to the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency to urge regulators to treat insurers differently than banks. Proposals to subject insurers to Basel III capital rules and the Dodd-Frank Act would pose difficulty because of the short transition time, the senators wrote. "Any final regulations should reflect the will of Congress to respect the distinctions between insurance and banking," the senators wrote. PropertyCasualty360 (10/18) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Rating-software purchases require careful consideration, report says
    Insurers are able to enhance efficiency and more easily maintain business logic and rules with external rating engines, says a Novarica report, adding that "rate making is a key driver of insurance profitability." Selecting a rating mechanism is contingent on product and business requirements, and insurers should examine whether the vendor is an official ISO business partner and whether the vendor's analytics capabilities fit the company's needs, the report says. Insurance Networking News (10/18) LinkedInFacebookTwitterEmail this Story
  • Experts: Insurers should strive to innovate in products, services
    Insurers, risk managers and brokers should push for innovation to address challenges such as environmental, regulatory and compliance-related changes, experts say. "Innovation allows us to come up with new and creative ways to demonstrate our value to the world, and to our customers and to your clients. Going forward, it's not going to be who you know, it's going to be what you know and what you do with it," says Kathleen Ireland, IBM's director of global risk and insurance management. Business Insurance (tiered subscription model) (10/18) LinkedInFacebookTwitterEmail this Story
  • N.Y. must act to reduce workers' comp premiums, group says
    A business group is calling for New York workers' compensation legislation passed in 2007 to be implemented further after releasing a report indicating that the state's workers' compensation premiums are among the costliest in the U.S. "Five years later, those changes have only been partially implemented. As a result, New York's workers' compensation insurance premiums have continued to rise, and are now among the highest in the nation," Rochester Business Alliance CEO Sandra Parker said in a statement. Rochester Business Journal (N.Y.) (10/18) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Warmer weather may continue during winter, forecasters say
    Warmer, dry weather is likely to continue this winter and could make 2012 the hottest year on record, according to forecasters. "The large majority of that drought we expect to persist. We even see drought expanding westward ... into Montana, Idaho and part of Oregon and Washington," said Mike Halpert of the National Oceanic and Atmospheric Administration's Climate Prediction Center. Reuters (10/18) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Insurance watchdog sees 2-year delay in Solvency II implementation
    Implementation of the EU's Solvency II regulations is likely to be delayed for as long as two years, until 2016, depending on legal and political factors, said Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority. "At the end of the day, we'll probably go to 2016, but it is still to be seen," he said. Reuters (10/18) LinkedInFacebookTwitterEmail this Story
  • Sen. Lieberman: U.S. must act to curb risk of cyber-attacks
    The U.S.'s critical infrastructure and industries are at real risk of cyber-attacks, and policies and measures are needed to mitigate the risk, writes Sen. Joseph Lieberman, chairman of the Senate Homeland Security and Governmental Affairs Committee. "That's why my cybersecurity bill offers incentives, like liability protections, to assist owners of critical infrastructure in reaching a level of security to protect our electricity supply, our water, our financial networks, and, in fact, our modern American way of life. Nothing less than our economic and national security is at stake," Lieberman writes. The New York Times (tiered subscription model)/Room For Debate blog (10/17) LinkedInFacebookTwitterEmail this Story
  Sponsored Poll 
  • How much does your company rely on manual processes for working with suppliers?
Heavily -- we do almost everything by hand
Mixed -- some tasks are automated, some are manual
Very little -- we've automated virtually everything.

Not all those who wander are lost."
--J.R.R. Tolkien,
British writer, poet, philologist and professor

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